The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1887-10-31
The Sugar Trust.

We copy the following from Willett &
Hamlen's circular Of October 27, 1887:
The sugar "Trust' or Refners "Union'' made
further progress on the basis Of particulars in our
Two preceding "Statistifals" One or more private
refining firms, who are members of the "Union,"
hled articles OF incorporation into stock COM
panies with the County Clerk Refneries which
shut down, completed their inventories and began
purchases OF raw sugar on the new basis. Other
refners made the change without completely clos
ing. Minor difficulties of little importance are In
course OF adjustment. The aUnion'' NAV he con-
sidered complete and impregnable, and we see no
reason why itIshould not be accepted with salts
faction by refiners, dealers in refined, and by con
sumers. Refners, because it assures them
profit dealers, because of a settled market with
aprc and consumers, because the power of the
"Un ~ must be used with moderation on their
side, nd in the direction Of low prices and lower
duties for raw sugar. The effect upon importers
and producers remains to be developed Thus
far-and we consider the "Union'' to be in work
ing order-there is more disposition shown to
purchase OF importers than has been shown for a
long time. Buyers of refined have a basis of
stability which they have not had, and by watch
ing the course OF sales Of raw sugar, as given in
eHI our weekly 6i statistical" an opinion can be
Union" we suppose will control the downward
limit Of refined, as compared with centrifugals by
reducing production, and we should say that rare
ly will this limit for granulated sugar be below
Ac. per lb. above the price Of 96o test eentrifu
gals. On the other hand, the "Union" no doubt
mean 70 supply the country with all the sugar it
will take, and unless buyers push purchases to an
extreme. as they sometimes do, we should say
that lilc upWdIu Will rarely
exceed 1c. per ID. above the price of centrifugals
of go test, and whenever buyers purchase the
market above this difference it viii quickly recede
again by reason OF increased production as has
been the case during the past week. For instance,
sales OF centrifugals this week were at 59sc. TO
bM c.. closing at 5A c., with an upward tendency.
As these are the raws which will make the re-
fined of next week, we should say that granulated
will not sell below 61ac., nor above 6s4 c. unless
buyers have more faith than they have yet shown
In permanent advance in all sugars, and over
buy the production temporarily for the purpose of
carrying larger stocks. The Trust" looms up so
big in the eyes of buyers of refined that they
can't see that all the world is advancing prices OF
sugar, and they must pay much higher prices
soon. Our statement of last week, "that the
ber list, 1888, are less than the consumption Of
the last CROP" is confirmed and made stronger by
nj. LIGHT, In his october % circular in which he
says he expects further reduction in production
and an increased consumption Of 900 tons in
the coming year. Raw sugar advanced 3-16c. for
the week on some grades, and refined declined
3-16c. on increased production as above. Re-
hners bought largely of mats and other sugars OF
$50 to $50 test, and reduced the stock OF such
grades TO barely 5000 tons. The higher grades
OF muscoyados and centrifugals having been pre-
yiously exhausted there now remain in stock main
ly 500 and 03o test sugar Total stock in the United
States is reduced 1896 tons for the week Con-
sumption in October is going ahead of last Octo-
Der. Total stock In all the principal countries is
511,al tons, against 667 1896 tons at the same
522,35S tons and $751; ,532 tons. Adviees from
producing countries give exhaustion of old crops,
and excited and advancing markets for new crop
sugar.